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Your search for Annual General Insurance Overview Statistics 2014 resulted in 18 hits

• Bad debt Britain – insurance pay outs to help UK businesses deal with unpaid bills are at their highest since 2009

  16/03/2018

  Latest ABI figures show that claims paid by trade credit insurers are running at over £4 million every week - their highest level since 2009. Over 200 firms every week helped by trade credit…

• Trade credit stats

  19/06/2013

  Trade credit data for 2012/2013

• Unpaid UK – bad debt claims soar to a 10-year high

  14/06/2019

  The number of insurance claims made so far this by UK businesses facing bad debts has reached its highest level in ten years according to latest figures out today from the Association of British Insurers (ABI). In the first quarter of the year 57 firms every day were helped by trade credit insurers.

• FAQ

  Who should get a trade credit insurance policy?

  Trade credit insurance can be suitable for companies trading on credit terms and insurers can provide cover to businesses of all sizes from SMEs to multinationals.

  If you are interested in taking out trade credit insurance you can speak to a general or specialist credit insurance broker. Their knowledge can help businesses get the most appropriate cover for their needs at the best price. Alternatively, businesses can also buy credit insurance directly from an insurer.

• Trade credit insurance FAQs

• What is trade credit insurance

  Trade credit insurance covers businesses if buyers who owe them money do not pay their debts, or pay them later than expected.

• FAQ

  When does credit insurance pay out?

  Trade credit insurance will pay out a percentage of the outstanding debt to a business. This usually ranges from 75% to 95% of the amount, depending on the type of cover the business has.

• Why should businesses take out trade credit insurance

  Trade credit insurance helps businesses to safely sell more to existing customers, or expand to new customers.

• FAQ

  Why would businesses need trade credit insurance?

  The main reason a business would take out trade credit insurance is to reduce financial implications if a customer fails to pay. Without trade credit insurance in place, many more companies would suffer large financial losses, redundancies and put the business’ existence at risk. 

  However, trade credit insurance does not just protect businesses against any losses as a result of a customer being unable to pay their debts. Trade credit insurance also:

  • Helps businesses sell to new customers that may otherwise have been deemed too risky, knowing they are insured should the customer not pay their debts.
  • Provides additional support and knowledge to help the business avoid losses in the first place and help them grow safely.
  • Provides comfort to banks that the insured has a more secure financial position than otherwise may have been the case, which may in turn enable businesses to access additional bank finance.
  • Helps secure export business, giving confidence to explore new markets and being able to offer more competitive terms.
  • Helps free up capital for the business to use elsewhere, through a reduction in their bad debt reserve (an amount businesses expect not receive because some customers fail to pay).
• FAQ

  What is trade credit insurance?

  Trade credit insurance protects businesses by minimising the financial implications if a customer fails to pay them. It provides covers for businesses against commercial and political risks that are beyond their control.

  • Commercial risk – the risk that the business’ customers are unable to pay outstanding invoices because of financial reasons, such as declared insolvency or failing to pay within agreed timescales as set out in terms and conditions (ie. protracted default).
  • Political risk – the risk that a customer does not pay or pays later because of events outside the business’ or customer’s control. For example due to political events (wars, revolutions); or economic difficulties, such as a currency shortage that causes problems transferring money internationally. Many trade credit insurance companies now offer comprehensive political risk cover as part of a standard credit insurance policy.

  Trade credit insurers typically also have extensive knowledge of companies, sectors and economic trends that enable entrepreneurs to trade with confidence and grow their businesses safely.